Top Issues

As a firm with extensive IT expertise, we work at the interface between tax law, auditing and information technology. As the central link between technologies, statutory requirements and a forward-looking approach, we concentrate on developing practical solutions for SMEs.

Find out here how probable (75-100%) it is that the following top issues are relevant for SMEs:

Further Expertises

A valid tax CMS is an important argument when allegations of tax evasion or reckless tax evasion have to be quickly refuted.

GoBD

GoBD as IT framework

Are the GoBD a revolution or just old wine in new bottles? Experts also disagree about the repercussions of GoBD; reactions range from calmness to hyperactivity and uproar. But what does the content of the BMF’s letter of 14 November 2014, in which the tax authority defined, from its standpoint, the relevant requirements to be met by IT-aided systems, mean for you in concrete terms?

As experts at the interface between tax law und information technology, we have long-standing and proven expertise in interpreting the GoBD and, with a sense of perspective, we help you implement the relevant requirements. In line with the PSP approach, we at the same time always attempt to improve the processes in your business and make them more secure. The advice we give does not focus on the goal of satisfying tax auditors in isolation, but also on creating decisive value-added in your business.

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Tax Compliance

Tax compliance becomes obligatory

When the German Ministry of Finance’s letter was published in 2016, the tax authorities initiated the process of establishing so-called tax compliance management systems (tax CMS) in Germany. It is therefore hardly surprising that businesses are currently showing so much interest in setting up such systems. In the future, the existence of a tax CMS may well represent an important argument when allegations of tax evasion or careless tax evasion have to be refuted. However, it is generally necessary to decide how the system should be specifically structured in practice. With our experience, we help you design, establish and document a tax CMS in practice and give you practical assistance in its implementation. PSP’s approach follows the principle of documentation instead of blind faith in IT. Based on the risk-related processes, we proceed step by step together with you. In this way, we create the desired tax compliance and ensure that processes are improved and the monitoring environment optimised.

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Cooperation Partners

Universal Units is a leading provider of IT-aided solutions for the global management of business taxes. PSP uses U2 software solutions to design and implement tax compliance management systems.

Audicon GmbH is the leading provider of software solutions, methodical and technical know-how as well as audit, risk and compliance services. PSP has used relevant software tools of Audicon GmbH in tax compliance matters for many years.

E-Invoicing

E-Invoicing accelerates processes

It sounds simple to begin with. Paper invoices and electronic invoices (e-invoices) are treated as being identical. Accordingly, the way in which invoices are exchanged makes no difference. In practice, however, there are innumerable formats and transmission channels, which normally have to be assessed individually from a tax standpoint. At the present time, formats such as XRechnung and ZUGFeRD are of particular interest to businesses and public administration alike. Electronic invoices are increasingly becoming an essential part and significant driver of the financial supply chain. PSP’s approach always starts off by focusing on improving your processes. Beginning from a target process that has been optimised from an IT and operating perspective, we consider with you how the tax and legal requirements can also be incorporated into the process. It goes without saying that in-depth knowledge of the technical issues is essential in view of the large number of applications and formats that are available nowadays. Only with such know-how is it possible to ensure that the underlying processes and business models ultimately also comply with the law.

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Cooperation Partner

The Verband elektronische Rechnung (VeR) brings together the expertise of specialist e-invoicing providers, competent consulting firms and experienced market participants. Jointly with PSP, conditions are developed in VeR to ensure the legally secure and strategic introduction of relevant e-invoicing projects in business, administration and the public sector.

Mobile Capture

Digital document capture by app

While the digitalisation of paper documents by stationary scanners is now an almost standard process in companies, the dissemination of mobile terminal devices such as smartphones and tablets offers new application scenarios in this context. More and more modern digital applications are under scrutiny from a tax perspective. For example, mobile scanning (also known as mobile capture) enables documents to be captured electronically by apps outside the office and transmitted to a company. The question then arises as to whether the photographic document is also accepted for tax purposes and ultimately fully meets tax compliance requirements. As experts at the interface between tax law and IT, we take a holistic view of the relevant processes and in particular ensure that mobile document capture and digital travel expense reports comply with tax rules.

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Cooperation Partner

Concur, an SAP company, offers integrated solutions for mobile and digital travel cost management. Together with Concur, PSP takes a holistic view of the relevant processes. In particular, we ensure that mobile document capture complies with tax law.

Data Protection

Data protection law in a state of permanent flux

Data protection law is in a state of permanent flux, most recently in the wake of the EU’s General Data Protection Regulation that entered into force at the start of 2018. This significantly increases the liability and compliance risk for businesses. They are frequently not even aware of what personal data they collect, store, use and disclose in the course of their business. One example is machine-oriented communication, which may nevertheless include personal references. Applying our PSP method, we help businesses create a “data protection map” of their activities to obtain an overview of the risk situation and enable risk-mitigating structures to be put in place to ensure compliance with data protection law and that compliance is documented.

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Tax & E-Commerce

Taxation in e-business

In the age of electronic commerce and the related virtualisation in particular, current tax law frequently comes up against its limits. Businesses can quickly infringe tax duties without even being aware of the fact. In such an environment, they need a digital assistant that can ensure compliance with tax law. In line with PSP’s approach, we focus on lean and efficient software solutions. One example is a software-based supply threshold monitoring system. This enables retailers operating across Europe to determine when they have to register for VAT in another EU member state.

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Cooperation Partner

Taxdoo offers solutions for the data-based preparation of VAT data of e-commerce retailers and automated VAT declaration. Taxdoo’s solutions support our clients in monitoring supply thresholds and complying with tax duties within the EU.

VAT Engines

Science fiction becomes science fact

In recent years, VAT has emerged as a considerable tax risk factor for many businesses in Germany. IT-based expert systems represent an interesting risk mitigation method. These are sets of rules developed by VAT experts that support users in making tax decisions. Users are led through the decision-making process with dialogue-based support. This reduces periods of manual processing and incorrect assessments of VAT matters. The starting point is a regular VAT risk assessment in which we validate how tax is determined and set out the VAT legal framework. In line with PSP’s approach, we set up such systems in your business and hand them over to you as turnkey solutions. You are trained by us to maintain and update the system on your own in the future and to independently adapt it to take account of legal changes or new facts.

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Digital Tax Function

Tax technology in the tax department

The tax department of the future faces huge disruptive changes. But new technologies such as artificial intelligence and software robots in particular can be used to optimise and shape the digital tax function. As experts at the interface between tax law and information technology, we see ourselves as a sparring partner for tax technology issues. In a specially designed workshop, we show you current and future developments that help you profit from the technical possibilities and design the tax processes to meet the needs of the future. Working together, we develop a digital strategy for tomorrow’s tax department.

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Cooperation Partners

Universal Units is a leading provider of IT-aided solutions for the global management of business taxes. PSP uses U2 software solutions to design and implement tax compliance management systems.

Audicon GmbH is the leading provider of software solutions, methodical and technical know-how as well as audit, risk and compliance services. PSP has used relevant software tools of Audicon GmbH in tax compliance matters for many years.

Fraud Investigation

IT forensic & digital searching for clues

Especially in an age of cyber criminality, almost any business can be affected by fraud, corruption and bribery. Together with proven specialists and data scientists, we discreetly examine suspicious cases and losses and help you clarify the matter. In doing so, we use state-of-the-art audit software that enables us to identify certain irregularities quickly and ensure that the evidence is admissible in court. In accordance with the PSP approach, we work with small, effective teams that have a deep understanding of IT in addition to the necessary legal and audit expertise.

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Cooperation Partners

Audicon GmbH is the leading provider of software solutions, methodical and technical know-how as well as audit, risk and compliance services. PSP has used relevant software tools of Audicon GmbH in fraud investigation projects for many years.

Swiss FTS is a specialist in IT forensics, electronic discovery (ediscovery) and information governance. Swiss FTS supports PSP in fraud investigation projects, for example by securing and analysing single hard drives or mobile phones and performing an international review with dozens of users.

Asset Simulation

Making the investment decision-making process tangible

Especially in turbulent times such as these in which the world seems to be out of joint, many families are faced with the challenge of making the correct investment decisions. This involves far more than just the investment decision itself. Besides the preservation of existing wealth, passing it on to the following generation and the continuation of your lifetime achievements in particular play a significant role. But how can all these factors be incorporated into an individual investment strategy?

PSP has developed a method in which potential investments can be questioned and tested in an IT-based simulation. The basis is a simulated world in which you and your family are able to invest in various model portfolios which, in themselves, are based on diverging risk/return profiles. In the course of the simulation, your investment decision is subjected to a wide range of future and stress scenarios. In this way, you see the associated effects and can also adjust your very own risk preference.

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Cooperation Partner

QPLIX develops and operates a state-of-the-art software program as a service platform for wealth management. PSP uses the QPLIX platform as a modern, secure, highly flexible and easy-to-use solution for the efficient management of complex wealth structures.

Cloud Computing

Cloud as innovation driver

Cloud computing will be an integral part of all businesses in the future. This is hardly surprising given the considerable savings and economies of scale offered by the cloud. Nevertheless, a number of questions remain – for example data protection and monitoring of the respective cloud services provider. We offer you support from the very start, beginning with the selection of cloud-based services to the drafting of the related service level agreements. In the PSP approach, we consider possible future scenarios as well as appropriate migration plans and potential changes in your IT landscape right from the beginning. We are assisted in particular by combining expertise in tax law, audit and information technology, for example in judging the point at which a cloud-based infrastructure creates a permanent establishment or the conditions to be met before data can even be stored outside Germany.

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Blockchain / Smart Contracts

Legal certainty in virtualisation

Developments such as Bitcoin, blockchain and smart contracts will bring about lasting changes to our business processes. However, a question that frequently arises is whether the underlying processes meet the respective national legal and tax requirements. Determining whether this is the case requires an in-depth understanding of IT – a prerequisite for the legal or tax assessment of the business model. As experienced consultants at the interface to information technology, we have the relevant expertise, support you in implementing the regulatory requirements and help you integrate them into practice and into your business models.

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Cryptocurrencies

Digital currency units set for success

Since Bitcoin and Ethereum at the latest, digital currency units have enjoyed success. However, a variety of legal, tax and accounting issues arise in connection with cryptocurrencies. With our extensive expertise in IT and blockchain technology, we advise both investors and companies that invest in digital money in an initial coin offering (ICO). In this way, we ensure that the tax and legal issues involved in this innovative form of investment are fully taken into account.

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IT Due Diligence

Understanding the value of IT

The value of a business’s IT systems is assuming ever greater significance in corporate transactions. At the latest when the M&A process involves an IT-driven company, one issue that quickly arises is the value to be attributed to the hardware and software in the business. IT due diligence – as we understand the term – aims to show both the value and the strategic benefit of existing IT systems. We thereby separately assess the risks and potential of the digital value drivers prior to and after the transaction. Particular aspects such as licensing management, migration concepts and data protection issues are an integral part of every IT due diligence that we perform.

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Central Settlement 4.0

Electronic document flow in focus

Nowadays, billions of transactions are handled through central settlement service providers and buying groups in Germany. And digital transformation also has consequences for central settlement systems. This relates in particular to document flows, which are increasingly becoming digital, rather than, paper-based flows. With the PSP approach, we help central settlement service providers and buying groups rigorously exploit the benefits of digitalisation and at the same time fully comply with legal and tax requirements. In connection with “Central Settlement 4.0”, we support you in designing, introducing and establishing digital document flows from supplier to the respective buying group and its members.